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National unemployment rate falls to 8.3 pct. after hiring surge

AP Economics Reporter

WASHINGTON (AP) — The unemployment rate fell for the fifth straight month after a surge of January hiring, a promising shift in the nation’s outlook for job growth.

The Labor Department says employers added 243,000 jobs in January, the most in nine months. The unemployment rate dropped to 8.3 percent from 8.5 percent in December. That’s the lowest in nearly three years.

Employers have added an average of 201,000 jobs per month in the past three months. That’s 50,000 more jobs per month than the economy averaged in each month last year.

The January jobs report was filled with other encouraging data and revisions. Hiring was widespread across many high-paying industries. Pay increased. And the economy added 200,000 more jobs in 2011 than first thought.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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